Central Mumbai Sees Hike in Property Prices

Bangalore: Property prices in the financial capital Mumbai are becoming unaffordable for many. Recently, for the first time in the past few years, the Mumbai Metropolitan Region (MMR) has witnessed price correction. But then, premium residential localities within Central Mumbai like Worli and Prabhadevi are witnessing hike in property prices.  

“Both areas are seeing huge demand-supply on the property front (residential and commercial) and a consistent rise in the number of transactions and values from quite some time now. The commercial and residential values too have witnessed an 8-14 per cent rise in the past 5-6 months,” said Ganesh Trivedi of Mumbai Propertywala, reports Yatin Sharma of MagicBricks.com.

In Central Mumbai, Worli sees higher rental and capital values. “Its proximity to Prabhadevi which is the primary IT/ITeS hub of Mumbai has done much to maintain the demand here,” added Trivedi.

The growing numbers of IT/ITeS-BPO sectors in these areas are mainly driving the demand for property. Factors behind the demand are mainly good infrastructure, connectivity and the proposed metro project. An average flat of 2000-3000 square feet in Worli, Lower Parel and Prabhadevi areas cost between 19000 and 25000 per square feet. Whereas, same apartment in South Mumbai areas costs around 30,000-50,000 per square feet.

Also Read: Mumbai for the First Time Witnesses Property Price Correction